Foreclosure sale set for Brookland Capital’s 227 Clarkson, with $3.2M loan

A Brooklyn State Supreme Court notice set April 21, 2022, as the date of foreclosure and sale of Brookland Capital’s 13-unit development site at 227 Clarkson Avenue in Prospect Lefferts Gardens, Brooklyn, that was given a construction loan in 2016 totaling $3.2 million.

Brookland, founded by Boaz Gilad, was one of the borough’s most active developers by volume of deals, but the company foundered in 2018 under the weight of traditional debt and bonds issued through the Tel Aviv Stock Exchange, and in January 2019, the New Jersey landlord Ronel Ben-Dov took over the reigns of the company. https://webcache.googleusercontent.com/search?q=cache:y0-Z9qCF7HEJ:https://therealdeal.com/2019/09/20/brookland-capital-was-never-run-correctly-or-efficiently-new-leader-says/+&cd=1&hl=en&ct=clnk&gl=us in He began selling assets to pay off creditors.

In December 2018, the Miami-based lender Plenitude Capital filed to foreclose on the $3.2 million in loans, and Tuesday, March 15, a little over three years later, a notice of sale was entered in the court docket setting the sale date. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=dwpv1XdRfquQ0YO2aN5qjQ==

At 227 Clarkson Avenue, Brookland bought the property in February 2015 for $1.375 million, then in June 2015 filed with the city’s Department of Buildings a six-story, 13-unit residential building with https://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=3&passjobnumber=320625515&passdocnumber=01 10,089 square feet. The city issued its first permits in March 2016 and Gilad then took out the loan in July of that year.

The property is subject to a full stop work order dated April 2019 https://a810-bisweb.nyc.gov/bisweb/ComplaintsByAddressServlet?requestid=6&allbin=3427202&fillerdata=A and has Environmental Control Board and OATH penalties totaling $128,475.